Small Business Bookkeeping: Where to Start

starting a small business

As a small business grows, those first few years come with a lot of work to get on top of your business finances. No one starting a small business can escape the need to carry out some form of bookkeeping to operate in the green.

Bookkeeping is keeping on top of day-to-day money-related tasks running through your business. That involves sending out your invoices, paying your various bills and subscriptions, chasing and processing payments, keeping on top of your expenses and being compliant with tax regulations – and paying it on time.

It sounds like a lot, right? If you didn’t start your bookkeeping on day one, it soon becomea even more. The bare minimum effort would be keeping a record of all the money flowing in and out of your business. Here are a few helpful hints to aid you with bookkeeping.

Bank Accounts and Software

The simplest way to make your working life simple is to set up a separate bank account for your business. That will save you incredible time and effort when reconciling your accounts.

Your regular bank may offer business accounts, or you may find the use of online or app-based accounts in today’s modern age of technology. Some of them don’t even charge a monthly fee.

Although you may feel it would be an unnecessary charge when starting, signing up for bookkeeping software can be hugely beneficial. Bear in mind that Making Tax Digital for the self-employed comes into play as of April 2024, meaning that regular returns to HMRC digitally will be in effect. Software such as Quickbooks or Xero may be a good headstart for you.

Stay in Control

With bookkeeping, you have to adopt a mindset of keeping on top of it regularly. Leaving everything to the last minute is stressful when running a business.

Ensure all invoices and receipts for everything you purchase for your business are kept neat. If you use online software, take pictures of your receipts and upload them straight away instead of compiling 12 months of transactions at the last hour. Find out when all relevant dates for HMRC submissions are, as some may vary on whether you are a limited company, sole trader or partnership. Keep them in your diary so you do not miss any dates and get fined for missing them.

Get the Help

If yo’re starting a small business and that still sounds like a lot, don’t worry! Contact bookkeeping services in Manchester that specialise in working with small business bookkeeping solutions.

If you need answers or support with your day-to-day bookkeeping, contact the team at Pebbles Bookkeeping for help and guidance. We specialise in all areas of bookkeeping services and payroll outsourcing services for small businesses in your area.

What our clients say…

I just wanted to thank you both for the help you’ve given me thus far in setting up my new cloud-based bookkeeping system ‘Clearbooks’.

Having used Microsoft Excel for more years than I care to admit, I had more than a few reservations when considering changing the way I managed my books, yet understood that I had to make the change sooner or later.

After an intense training session with Sean, (where I probably asked 101 questions), my fears quickly dissipated and I can honestly say that although it’s likely to take me a little while to really get to grips with the new interface, I’ve no doubt that this simple system will save me so much time and hassle in future.

And less time spent doing my books, almost certainly means more time with the family and an end to rushing around like a mad woman at quarter-end!

Thanks again and I’m looking forward to working with you again soon.

Anne-Marie Armstrong, Amberry Marketing

Only The Brave have used Pebbles Bookkeeping for a few years now and we treat them instinctively like an integral department of our business.

I have worked with Sean for over two decades in my previous businesses and when Sean and Diane went on their own it was a no brainer to get them involved with our day to day accounting.

Pebbles manage our bookkeeping, expenses, credit control and PAYE and have a keen eye for detail and help us spot important financial matters before they become issues.

Their integrity and honesty are unquestionable and as a result, Pebbles are an asset to our business and will continue to work with us for many years to come.

Nick Aldrich, Only The Brave

I changed book-keepers around a year ago because of a disagreement.  I employed Diane of Pebbles and having been with the same firm for 10 years, I was amazed by how easy working with Diane was.  Not only did the change save me money but also saved me time.  Utilising new technologies (to me) have massively improved the amount of money I can claim back in VAT and has made the whole process speedier and well as easier.  Even when Diane is chasing me for information she does in a friendly professional manner.  I’m thrilled to be working with her and would recommend her to anyone.

Steve Tanswell, Manchester Facades

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